The new fund, dubbed the Pax Ellevate Global Women's Index Fund, seeks to measure and capture the contribution of gender diversity to business success. It will replace the Pax World Global Women's Equality Fund (PXWEX).

The fund will track the Pax Global Women's Leadership Index, which holds investments in gender-conscious companies such as AT&T (T), Deutsche Bank (DB) and Yahoo! (YHOO).

Thirty-one percent of the board seats and 24% of executive management positions of the companies in the new fund are held by women, compared with a global average of just 11% for each. All of the companies in the fund have at least one woman on their board and 97% have at least two.

Yet "progress on gender diversity in corporate America has actually stalled ... and in the financial services industry we've gone backward," said Krawcheck, who previously served as chief financial officer of Citigroup (C) and head of Bank of America's (BAC) Merrill Lynch division.

Krawcheck recently told CNN Money that Wall Street went into the crisis, "white, male and middle aged" and came out "whiter, male-er and middle age-er."

In an effort to fix this issue, Krawcheck has invested in the Ellevate global professional women's network, which sports 34,000 members and was formerly named 85 Broads.

There are some on Wall Street who don't think that socially conscious investing can be profitable.

Krawcheck even joked: "Isn't impact investing about eating a lot of granola and hugging a bunch of trees?"

But she believes the next wave of investors "seek to earn a fair return AND express their values."